Binance Set to Integrate Bitcoin Lightning Network for Deposits and Withdrawals

Crypto trade Binance has began working Lightning nodes forward of supporting Bitcoin’s Lightning Community for deposits and withdrawals.

Binance’s official Twitter account confirmed Tuesday Morning saying, “Sure – that is us!” after some “eagle-eyed customers” noticed the trade’s Lightning Community nodes. Binance had first signaled the addition of Lightning Community help on Might 8.

In a Twitter publish this morning, Binance famous that “nonetheless extra tech work must be finished” earlier than it might probably help Lightning Community funds. The trade responded to Decrypt’s enquiry about its anticipated timeline for launch, saying, “We do not have it but.”

Bitcoin developer Udi Wertheimer reported discovering “Binance” nodes on the Lighning Community final week. A Lightning node allows the routing and processing of Lightning Community transactions.

What’s the Bitcoin Lightning Community?

The Lightning Community is a second-layer answer developed for the Bitcoin blockchain to facilitate quicker and cheaper transactions than Bitcoin’s main community. The median charge for transactions on the lightning community is $0.00013, per Glassnode information.

To date, exchanges together with Kraken, OKX, and Bitfinex and cell fee platform, Money App, have built-in help for the Lightning Community.

Glassnode’s information exhibits that the overall Bitcoin bridged to the Lightning Community has elevated by 65% because the begin of the yr; at present, the Bitcoin layer-2 community has a capability of 5424 BTC, price $146.4 million.